证券代码：601339 证券简称：百隆东方 公告编号：2025-034 百隆东方股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 26 日 （星期三） 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 19 日 （星期三） 至 11 月 25 日 （星 期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 broseastern@bros.com.cn 进行提问。公司将在说明 会上对投资者普遍关注的问题进行回答。 百隆东方股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 ...

Financial Performance - The company's operating revenue for the third quarter was ¥2,133,770,927.81, an increase of 2.33% compared to the same period last year[5] - The total profit for the quarter was ¥178,123,839.49, a decrease of 6.83% year-on-year[5] - The net profit attributable to shareholders was ¥159,782,150.42, down 11.17% from the previous year[5] - The net profit excluding non-recurring gains and losses reached ¥148,330,762.65, a slight increase of 0.36%[5] - The basic earnings per share for the quarter was ¥0.11, reflecting a decrease of 8.33%[6] - The diluted earnings per share also stood at ¥0.11, down 8.33% year-on-year[6] - Total operating revenue for the first three quarters of 2025 was approximately ¥5.72 billion, a decrease of 5.76% compared to ¥6.07 billion in the same period of 2024[22] - Net profit for the first three quarters of 2025 reached approximately ¥549.79 million, an increase of 33.24% compared to ¥412.67 million in the same period of 2024[24] - Earnings per share for the first three quarters of 2025 were ¥0.37, compared to ¥0.28 in the same period of 2024[24] Cash Flow - The cash flow from operating activities showed a net amount of ¥597,107,493.18, a significant decrease of 52.01% compared to the previous year[5] - In the first three quarters of 2025, the net cash flow from operating activities was ¥597,107,493.18, a decrease of 52% compared to ¥1,244,337,263.78 in the same period of 2024[27] - Total cash inflow from investment activities was ¥318,429,543.50, down from ¥595,921,727.29 in the previous year, reflecting a decline of approximately 47%[28] - The net cash flow from financing activities was -¥1,024,699,848.42, an improvement from -¥1,676,994,986.05 in the same period last year[28] - The total cash and cash equivalents at the end of the period stood at ¥1,498,038,632.77, down from ¥2,043,868,863.29 at the end of Q3 2024[28] - Cash received from sales of goods and services was ¥5,879,393,496.58, a decrease of 7.25% from ¥6,338,963,500.00 in the same period of 2024[27] - Cash paid for purchasing goods and services increased to ¥4,548,090,062.92, compared to ¥4,240,877,962.22 in the previous year, marking an increase of approximately 7.25%[27] - Cash received from investment income was ¥146,813,817.25, which is a significant increase from ¥85,172,045.92 in the same period of 2024, representing a growth of about 72%[27] - The cash outflow for the acquisition of fixed assets and intangible assets was ¥28,283,269.83, compared to only ¥2,250,453.58 in the previous year, indicating a substantial increase[28] - The company reported a cash inflow from borrowings of ¥2,756,219,463.42, down from ¥4,953,159,883.09 in the same period last year, reflecting a decrease of approximately 44%[28] - The impact of exchange rate changes on cash and cash equivalents was -¥268,529,916.93, compared to -¥158,323,360.66 in the same period of 2024, indicating a worsening effect[28] Assets and Liabilities - Total assets at the end of the quarter were ¥13,546,358,657.50, a decrease of 5.86% from the end of the previous year[6] - Total current assets as of September 30, 2025, amounted to ¥7,295,281,172.82, an increase from ¥7,216,558,189.10 as of December 31, 2024[17] - Total non-current assets decreased to ¥6,251,077,484.68 from ¥7,173,585,740.01[18] - Total assets decreased from ¥14,390,143,929.11 to ¥13,546,358,657.50[18] - Total current liabilities as of September 30, 2025, were ¥3,491,237,825.66, slightly down from ¥3,530,433,294.99[18] - The total liabilities decreased from approximately ¥4.79 billion in the previous year to ¥4.37 billion in the current year, reflecting a reduction of about 8.67%[22] - The total equity attributable to shareholders decreased from approximately ¥9.60 billion to ¥9.18 billion, a decline of about 4.41%[22] Shareholder Information - Total number of common shareholders at the end of the reporting period was 23,150[13] - The largest shareholder, New Country Investment Development Co., Ltd., holds 445,799,814 shares, representing 29.73% of total shares[13] - The second-largest shareholder, Yang Weixin, holds 273,852,704 shares, accounting for 18.26%[13] - The actual controllers of the company, Yang Weixin and Yang Weiguo, collectively hold 74.42% of the shares[14] - The company has no significant changes in the top 10 shareholders due to margin trading activities[14] Cost and Income Analysis - Total operating costs for the first three quarters of 2025 were approximately ¥5.31 billion, down 9.61% from ¥5.87 billion in the previous year[23] - The company reported an increase in investment income to approximately ¥161.75 million, up from ¥109.89 million in the previous year, representing a growth of 47.16%[23] - Other income increased to approximately ¥22.66 million from ¥18.28 million, marking a rise of 24.00%[23] - The company experienced a significant reduction in financial expenses, which decreased from approximately ¥110.58 million to ¥29.82 million, a decline of about 73.00%[23] - Deferred income tax liabilities decreased from approximately ¥26.54 million to ¥24.68 million, a reduction of about 7.00%[22]

Market Overview - The textile manufacturing sector increased by 0.84% compared to the previous trading day, with Fu Chun Dyeing and Weaving leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Notable gainers in the textile manufacturing sector included: - Li Shi Sen Xin (605189) with a closing price of 19.11, up 7.48% with a trading volume of 98,700 shares and a turnover of 184 million yuan [1] - Gu Qi Rong Cai (001390) closed at 27.30, up 2.52% with a trading volume of 79,600 shares and a turnover of 218 million yuan [1] - Yun Zhong Ma (603130) closed at 40.88, up 1.92% with a trading volume of 28,800 shares and a turnover of 118 million yuan [1] Fund Flow Analysis - The textile manufacturing sector experienced a net outflow of 69.19 million yuan from institutional funds, while retail investors saw a net inflow of 85.24 million yuan [2] - The top stocks by net inflow from retail investors included: - Li Shi Sen Xin (605189) with a net inflow of 14.86 million yuan [3] - Bai Long Dong Fang (662109) with a net inflow of 10.31 million yuan [3] - Xin Long Holdings (000955) with a net inflow of 6.24 million yuan [3]

Core Viewpoint - The recent adjustment in the regulatory responsibilities of insurance institutions in China indicates a shift towards localized supervision, with a significant increase in the number of insurance entities under local regulatory bodies, while the Financial Regulatory Authority focuses primarily on insurance groups and their subsidiaries [1][2][3]. Group 1: Regulatory Changes - As of June 30, 2025, the number of insurance entities regulated by the Financial Regulatory Authority decreased from 116 to 65, primarily focusing on insurance groups and their subsidiaries [2]. - The adjustment reflects a broader trend of localizing regulatory responsibilities, with local regulatory bodies now overseeing a larger number of insurance institutions [4][5]. - The Financial Regulatory Authority convened a special meeting with local regulatory agencies to discuss these changes [1]. Group 2: Impact on Local Regulatory Bodies - Local regulatory bodies, particularly in major cities like Beijing and Shanghai, have seen a significant increase in the number of insurance entities they oversee, with Beijing's count rising from 24 to 39 and Shanghai's from 24 to 36 [4][5]. - The increase in regulatory responsibilities has led to heightened pressure on local regulatory bodies, necessitating stronger management accountability from insurance company executives [5]. Group 3: Specific Changes in Insurance Institutions - The total number of insurance institutions listed as of June 30, 2025, is 238, a decrease of one from the end of 2024, with notable changes including the removal of Tianan Insurance and the addition of Suzhou Dongwu Insurance [6]. - Several types of insurance institutions, such as insurance asset management companies and health insurance companies, have shifted from being regulated by the Financial Regulatory Authority to local regulatory bodies [6][7]. - A total of 21 out of 35 insurance asset management companies have transitioned to local regulatory oversight, while 14 remain under the Financial Regulatory Authority [7].

Core Insights - On October 15, Bailong Oriental's stock rose by 0.89%, with a trading volume of 51.0048 million yuan [1] - As of October 15, the company had a total margin balance of 64.418 million yuan, indicating a high level of margin activity [1][2] Financing Summary - On October 15, Bailong Oriental had a financing buy-in amount of 4.8541 million yuan, with a net financing buy of 676,800 yuan after repayments [1] - The current financing balance is 63.9852 million yuan, accounting for 0.75% of the circulating market value, which is above the 50th percentile level over the past year [1] - The company repaid 1,400 shares in margin trading and sold 2,300 shares on the same day, with a selling amount of 13,100 yuan [1] Shareholder and Financial Performance - As of June 30, the number of shareholders increased by 11.37% to 26,200, while the average circulating shares per person decreased by 10.21% to 57,237 shares [2] - For the first half of 2025, Bailong Oriental reported a revenue of 3.591 billion yuan, a year-on-year decrease of 9.99%, while the net profit attributable to shareholders increased by 67.53% to 390 million yuan [2] - The company has distributed a total of 4.187 billion yuan in dividends since its A-share listing, with 1.803 billion yuan distributed in the last three years [2] Institutional Holdings - As of June 30, 2025, Huatai-PB SSE Dividend ETF was the sixth-largest circulating shareholder, holding 34.6743 million shares, a decrease of 7.1472 million shares from the previous period [2] - Hong Kong Central Clearing Limited was the eighth-largest circulating shareholder, holding 17.7853 million shares, down by 2.34101 million shares [2] - Two funds, Xingquan Business Model Mixed (LOF) A and Xingquan New Vision Regular Open Mixed Fund, exited the top ten circulating shareholders list [2]

Core Insights - The textile manufacturing sector experienced a rise of 0.68% on October 15, with Jin Chun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Sector Performance - Jin Chun Co., Ltd. saw a closing price of 36.58, with a significant increase of 7.18% and a trading volume of 112,200 shares, amounting to a transaction value of 397 million yuan [1] - Other notable performers included: - Nan Shan Zhi Shang: closing price 21.22, up 4.95% [1] - He Mei Huan: closing price 8.66, up 3.96% [1] - Li Xing You Xin: closing price 17.98, up 3.87% [1] - Nuo Bang Co., Ltd.: closing price 19.47, up 3.29% [1] Capital Flow - The textile manufacturing sector saw a net outflow of 64.58 million yuan from institutional investors and 45.77 million yuan from speculative funds, while retail investors contributed a net inflow of 110 million yuan [2] - The capital flow for specific stocks included: - Lian Fa Co., Ltd.: net outflow of 42.13 million yuan from institutional investors [3] - Nan Shan Zhi Shang: net inflow of 12.08 million yuan from institutional investors [3] - Jiang Nan Gao Xian: net inflow of 7.58 million yuan from institutional investors [3]

Group 1: Export Chain - The export chain is expected to see improved sentiment and performance, with clarity on tariff arrangements boosting order placement by brands [1][9] - Major brands like Nike and Adidas are cautiously optimistic about demand recovery, with Nike reporting a slight revenue and gross margin beat in its recent quarterly results [2][12] - Leading manufacturers have begun to see performance improvements in Q3, with companies like Xin'ao and Bailong Dongfang anticipating revenue growth driven by increased orders [3][19] Group 2: Investment Themes - Key investment themes include leading sports and leisure brands such as Nike, Adidas, and Uniqlo, along with their core suppliers like Shenzhou International and Huayi Group, which have attractive PE ratios for 2025 [4][21] - Upstream manufacturers showing short-term order improvements and medium-term market share gains include Xin'ao and Weixing, which are expected to benefit from rising raw material prices [4][21] Group 3: Brand Apparel - The brand apparel sector continues to show signs of divergence, with retail performance impacted by fluctuating offline traffic and intense online competition [5][22] - Despite challenges, companies like Hailan Home and Luolai Life are expected to maintain positive revenue growth due to strong online and offline sales strategies [6][26] Group 4: Market Outlook - The overall market outlook for the textile and apparel industry remains cautiously optimistic, with expectations of gradual recovery in demand and performance improvements across various segments [1][9][22] - The consumer confidence index shows slight recovery, but consumers remain focused on product functionality and value for money [5][22]

Market Overview - The textile and apparel sector has underperformed the broader market since September, with textile manufacturing outperforming branded apparel, showing +0.1% and -1.6% respectively as of October 9 [1][13] - Key companies that have seen significant gains since September include Xin'ao Co. (+16.9%), Fengtai Enterprise (+14.9%), Adidas (+11.6%), and others [1] Brand Apparel Insights - Retail sales of clothing in August grew by 3.1% year-on-year, with a 1.3 percentage point increase from the previous month [2] - The sales pressure is expected in September due to the absence of the Mid-Autumn Festival and high temperatures affecting consumer behavior [2] - E-commerce channels showed strong growth in outdoor apparel, with sportswear brands like Descente (+51%) and Lululemon (+35%) leading the way [2] Textile Manufacturing Insights - Vietnam's textile exports in September increased by 9.4% year-on-year, while footwear exports rose by 9.0% [3] - China's textile exports showed a slight improvement in August, with a 1.4% increase, although apparel and footwear exports declined significantly [3] - Wool prices saw a notable increase in September, rising by 17.5% month-on-month and 28.3% year-on-year [3] Investment Recommendations - Focus on the rebound opportunities in textile manufacturing, with expectations for order recovery in Q4 [5] - Companies like Shenzhou International, which is Nike's largest apparel supplier, and Huayi Group are highlighted as key beneficiaries of tariff changes and Nike's recovery [5] - The report suggests that the impact of tariffs will diminish in Q4, leading to a stabilization of orders [5] Key Company Forecasts - Shenzhou International is rated "Outperform" with an expected EPS of 4.37 in 2025 and a PE ratio of 13.9 [8] - Other companies such as Huayi Group and Kai Run Co. are also rated "Outperform" with positive growth forecasts [8]

Market Overview - The textile and apparel sector has underperformed the broader market since September, with textile manufacturing showing better performance than branded apparel, with respective changes of +0.1% and -1.6% as of October 9 [1][13] - Key companies that have seen significant gains since September include Xin'ao Co. (+16.9%), Fengtai Enterprise (+14.9%), Adidas (+11.6%), and others [1] Brand Apparel Insights - Retail sales of clothing increased by 3.1% year-on-year in August, with a 1.3 percentage point improvement from the previous month. However, sales in September are expected to face pressure due to the absence of the Mid-Autumn Festival and continued warm weather [2] - E-commerce channels showed strong growth in outdoor apparel, with categories like sportswear and outdoor clothing growing by 22% and 51% respectively for leading brands [2] - On social media platform Xiaohongshu, the top three brands in the sports and outdoor category saw significant follower growth, indicating strong consumer interest [2] Textile Manufacturing Insights - Vietnam's textile exports saw a year-on-year increase of 9.4% in September, while footwear exports rose by 9.0%, indicating a recovery in the sector [3] - The price of wool significantly increased in September, with a month-on-month rise of 17.5% and a year-on-year increase of 28.3% [3] - Companies like Ruohong have visibility on orders extending to Q1 2026, maintaining a revenue target of over 3 billion yuan per month [3] Investment Recommendations - Focus on textile manufacturing rebound opportunities, particularly after the release of Q3 reports. The impact of U.S. tariffs is expected to diminish, with orders stabilizing [5] - Key companies to watch include Shenzhou International, Huayi Group, and Kai Run Co., which are positioned to benefit from tariff changes and recovery in demand [5][7] - In the branded apparel segment, long-term growth is anticipated in the sports category, with recommendations for brands like Anta Sports, Xtep International, and Li Ning [7]

Core Viewpoint - Bailong Oriental's stock price has shown a positive trend with a year-to-date increase of 9.34%, indicating potential investor confidence and market interest in the company [1] Group 1: Stock Performance - On October 9, Bailong Oriental's stock rose by 2.23%, reaching 5.50 CNY per share, with a trading volume of 44.66 million CNY and a turnover rate of 0.55% [1] - The company's market capitalization stands at 8.248 billion CNY [1] - Year-to-date, the stock has increased by 9.34%, with a 1.48% rise over the last five trading days, 3.38% over the last 20 days, and 14.82% over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Bailong Oriental reported a revenue of 3.591 billion CNY, a year-on-year decrease of 9.99%, while the net profit attributable to shareholders increased by 67.53% to 390 million CNY [1] - The company has distributed a total of 4.187 billion CNY in dividends since its A-share listing, with 1.803 billion CNY distributed over the past three years [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 11.37% to 26,200, with an average of 57,237 circulating shares per shareholder, a decrease of 10.21% [1] - The top ten circulating shareholders include Huatai-PB Shanghai Stock Exchange Dividend ETF, which holds 34.6743 million shares, down by 7.1472 million shares from the previous period [2]